Cincinnati & Dayton - Multifamily
Hi all -- Wanted to thank Biggerpockets community for all the help and advice so far! This is my first post. :)
A friend and I are making a trip to Cincinnati Feb 8-10. We've bought in other cities but looking to learn more about this market. Interested in multifamily in C+ or better neighborhoods to buy and hold. Our primary objectives are to familiarize ourselves with the area (it's our first time) & make some local contacts (particularly property management companies and brokers). A few questions...
1) What neighborhoods do you recommend in Cincinnati? From the forums, was interested in a few such as Northside, Avondale, Hyde Park, Norwood, and Pleasant Ridge. Are there others to add or reasons we should avoid the ones mentioned?
2) What neighborhoods do you recommend in Dayton?
3) Are there property management companies you recommend in Cincinnati or Dayton?
4) Are there brokers that you recommend in Cincinnati or Dayton?
Thank you for all the help! Looking forward to your thoughts!
Those neighborhoods are quite different in terms of demographics. Be careful in Avondale. There are parts that are starting to progress, but also some D class stuff there. I own in PR and Norwood (they're adjacent to one another). Norwood is a big area, and definitely starting to see some progress in some pockets (especially along the border with the Rookwood area). PR has been slowly coming up for years. Northside is a very unique and artsy neighborhood; it's in demand. Hyde Park is one of the richest neighborhoods in Cincinnati. It's not known for having a lot of multifamily.
@Kris Wong thank you for the thoughts on the neighborhoods! Also, thank you for sending the neighborhood guide link - hadn't seen that article earlier and will use it to focus my search.
Note taken on Avondale. Was interested to drive by especially given some of the investment in the nearby medical center but will probably skip it completely.
@Kenneth Fung Just to add two things... You might run into some availability issues. Pretty much every multi-family property I've been interested in over the last year hasn't lasted much more than a day or two on the market. My property manager tells me foreign investors are snapping up everything as soon as it comes on the market. Of course, I'm probably looking more at B class properties. Maybe you'll have better luck with C class.
The other thing is that neighborhood guide and the places you mentioned are all City of Cincinnati. If you're interested in Cincinnati, you should probably keep your mind open to the rest of Hamilton County. The actual city is currently at about 60% of its population high in the 1950s. The population has declined every census since then (potentially going up, slightly, with the 2020 census). Everyone moved out to the suburbs.